§ 5 §454-A — Powers and duties of board

Maine § 5 §454-A

• Jurisdiction: Maine
• Title 5: ADMINISTRATIVE PROCEDURES AND SERVICES
• Part 1: STATE DEPARTMENTS
• Ch. 18: MINING EXCISE TAX TRUST FUND

Text

1.
Authorize expenditures.
The board may authorize any expenditure of the fund. An expenditure of funds or transfer of responsibility may be made only with the concurrence of at least 3 members of the board.
2.
Employ staff as necessary.
The board may employ staff necessary to carry out the purposes of this chapter.
3.
Reinvestment of funds.
The board may direct the Treasurer of State to reinvest any portion of the income earned by the fund with the principal of the fund. Earned income that is reinvested is not considered principal of the fund under section 455, subsection 1, paragraph B.
4.
Expenditures from excise tax revenues.
The board is responsible for expenditures from excise tax revenues in accordance with Title 36, chapter 371. The board shall reimburse municipalities for any lost property taxes pursuant to this chapter and Title 36, chapter 371.
5.
Biennial report and annual plan.
Upon appointment of the board members pursuant to section 453‑A, subsection 1, the board shall prepare:

Legislative History

PL 1991, c. 799, §5 (NEW). PL 1999, c. 668, §4 (AMD). PL 2025, c. 469, §3 (AMD). PL 2025, c. 469, §44 (AFF).